Iran Economy NewsIran says OPEC special meeting 'unnecessary'

Iran says OPEC special meeting ‘unnecessary’

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AFP: Iran Oil Minister Masoud Mirkazemi sees no reason to call an extraordinary meeting of the Organisation of Petroleum Exporting Country (OPEC), Mehr news agency reported on Saturday.

TEHRAN (AFP) — Iran Oil Minister Masoud Mirkazemi sees no reason to call an extraordinary meeting of the Organisation of Petroleum Exporting Country (OPEC), Mehr news agency reported on Saturday.

“An extraordinary meeting of OPEC is not necessary in the current situation,” said Mirkazemi, who is also currently the head of the oil producers’ association.

“Before, prices were pushed up by political crises in certain countries of North Africa and the Persian Gulf as well as the recovery of the global economy,” he said.

“An analysis of supply shows that despite the price hike of black gold to over 100 dollars per barrel, there is no need for an extraordinary meeting,” he said, adding he was ready to organise one if member countries requested it.

Mirkazemi blamed the rise in oil prices on the devaluation of the US dollar.

Oil prices, already jolted by unrest in Egypt and Bahrain, have skyrocketed since production ground to a halt in Libya, an OPEC member and Africa’s fourth largest oil exporter, following the uprising and Western-led air strikes.

Prices fell slightly in New York on Friday after a meeting between hesitant investors monitoring the situation in the Middle East.

In New York, a barrel of light sweet crude ended at 105.40 dollars, down 20 cents from the previous day.

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